Fundamental Mathematical Analysis of Transaction-based Law and Economics
- Jihyeon Yoon
Abstract
Investigating the base ground of economic growth as a mathematical model
is an essential economic issue. Every economic entity does economic
behaviors to maximize its goal, total utility, in a given time. By
bringing out the premises of the game theory, market participants,
transactions, and market entities-related agents are defined. Next,
concerning the general regional economy, the transaction model in the
market participants could be set. And finally, a law and economics
notion to set a model of economic growth would be drawn.